My husband and I just finalized our divorce. What do we need to do to get my name taken off of the home equity loan?
Your husband will need a new loan. From the bank's perspective, they have a person who received benefit of the loan and who is currently obligated to repay it. Why should they release you? It doesn't improve their position at all. The divorce agreement is between you and your ex and the court. It doesn't involve the bank or your obligation to them. If your husband refinances the loan in his name, with yours removed as a property owner, you would have no further obligation.
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Your husband will need a new loan. From the bank's perspective, they have a person who received benefit of the loan and who is currently obligated to repay it. Why should they release you? It doesn't improve their position at all. The divorce agreement is between you and your ex and the court. It doesn't involve the bank or your obligation to them. If your husband refinances the loan in his name, with yours removed as a property owner, you would have no further obligation.
